Te Rūnanga o Toa Rangatira Inc | New release of Surplus Crown property

The Trust has been given Right of first refusal to purchase a surplus Crown property.  We are therefore giving notice to all Ngati Toa Iwi members that if the Trust Board do not consider that this property is suitable for use within the organisation, or if there is no future benefit or opportunity that could be gained from holding the property for Ngati Toa, then this property may be available for purchase by a registered Iwi member.

Deadline Date
Once again we are bound by a time-frame, and we are only able to provide 10 working days for you to complete any due diligence, however we will do our best to provide as much information as possible.  The consideration & due diligence time-frame will expire 30th April 2017.

The property address
Belvedere Motel, 11 Tunapo Road, Paekakariki – Market value $510,000 plus GST (if any)

Also, be aware that any sale or settlement by the Trustee to an iwi member may need to be on a “plus GST” basis unless the purchaser can provide a GST registration number

Registration of Interest
If you are interested in this property, please send an email to properties@ngatitoa.iwi.nz and a registration form will be sent to you to complete & sign.  This is essential to being considered as a potential purchaser and to receive information.  Also In the event, that the Trustee Board do not wish to acquire this property, then we will notify all registered parties that it is available and advise further of time-frame remaining and/or other requirements.

Rules for Iwi members
*          must be registered on Ngati Toa Iwi Database
*          First Home buyers will be given first priority
*          If no uptake from First home buyers then iwi members, who have not yet purchased a crown property through this process, will be considered next
*          Offer to purchase is open to all registered iwi members if no 1st & 2nd priority buyers
*          Where there is more than 1 interested party with unconditional finance, a ballot will be done
*          Runanga (vendor) legal costs, insurance and Admin fee (if any) must be included in the unconditional finance arrangements

The Trustee will reserve the right to remove this property from the process, where the Trustee decides to purchase the property for use within the services.